However, it sounds like this movie will open with Frodo. Depending when the book is read, how the heck is the pentology supposed to be viewed by future audiences? For example, will they play FOTR and TTT, start up ROTK, switch it off halfway wherever the book is read, then jump to the Hobbit movies as a flashback story, after that jump back to the ROTK and view the remainder of that movie? That will be horribly cumbersome, and an awkward way for future fans to view the series.

Perhaps Jackson will re-edit the pentalogy into chronological order for the Ultimate Edition? The Hobbit bookends and flashbacks would be placed at whatever point they occur in the story (presumably somewhere amongst RotK's multiple endings). I think it could work.

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Hopefully it will be limited to a narration, but from the spoiler it looks like this thing is going to be some stupid flashback in the middle of the LOTR trilogy . Not to mention I hate movies which are pointless in story in a story (i.e. as opposed to narration, the story really revolves around our protagonist having some dream / reading a book / etc, and ends when he him wakes up, or walks out the shower, or some such rubbish).

The Red Book of Westmarch which Frodo is reading is actually Bilbo's memoirs, not a fictional book within the film or anything like that. The framing device is just a way to present a flashback. It's not going to be a metafictional dream sequence or anything like that!